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Thursday, 22 May 14
CNPC-GAZPROM DEAL A MEDIUM - TERM POSITIVE FOR CHINA'S GAS SECTOR
 Fitch Ratings says a 30-year deal in which Russia's OAO Gazprom (BBB/Negative) will supply gas to China National Petroleum Corporation (CNPC; A+/Stable) underscores CNPC's strategic role in the country's gas pipeline infrastructure and helps China to secure adequate gas supply over the medium term, especially for the north-eastern part of the country.
Under the deal, Gazprom will supply 38 billion cubic metres (bcm) of gas a year starting around 2018 at a price that sets a new benchmark for what China is willing to pay for natural gas over longer term contracts.
The agreement also demonstrates China's determination to switch to cleaner energy. China used around 168bcm of natural gas in 2013 and aims to use over 400bcm in 2020. The import agreement will meet close to 10% of China's consumption of natural gas in the medium term. Although China has substantial gas resources, exploiting the large unconventional reserves is technologically challenging. In 2013, the country imported nearly 30% of its gas requirement. We expect imports to increase as a share of total consumption in the medium term.
The new deal helps diversify the sources of China's natural gas imports, now mainly Turkmenistan and shipments of liquefied natural gas (LNG). It follows an agreement by CNPC in 2013 to take an equity stake in a Russian LNG project and buy gas from the project, which is controlled by Russia's OAO Novatek (BBB-/Stable).
While pricing for the Gazprom deal has yet to be announced, it appears from numbers reported in the media that the price will likely be at or above USD350 per thousand cubic metres (CNY2.2 per cubic meter), which is about 60% cheaper than China's current LNG imports and similar to the price for imports from central Asia. Although Fitch does not expect LNG imports to fall significantly because the use of natural gas in China is increasing, the agency believes the Gazprom deal will help reduce upward pressure on import prices in the medium term.
China has been and will continue to increase domestic gas selling prices that are controlled by the state, which should ensure profitability for operators like CNPC. For example, following gas price increases to-date, CNPC reported profits in its mid-stream gas operations in 4Q14 after losses during which high import costs sapped profitability.
For domestic gas producers, the Gazprom deal will provide incentive to further invest in natural gas exploration and production because the deal's expected price is higher than domestic production and as the authorities are expected to liberalise domestic natural gas pricing in the next couple of years. The indicative Gazprom deal price is at least 40% more than the current spot price for domestic gas, which ranges from CNY1 to CNY1.6 per cubic meter. Fitch believes the Gazprom deal is positive for CNPC, which holds over 60% of China's gas reserves and whose realised natural gas prices from its domestic productions in 2013 were around USD180 per thousand cubic metres.
CNPC will be responsible for building the pipelines and storage facilities in China under the deal. That the state has tasked CNPC to take on such important responsibility indicates that CNPC continues to play a strategic role in China's gas infrastructure, even though its subsidiary PetroChina said in May 2014 that it would eventually sell all of its stake in the First and the Second West-East Gas Pipeline to private investors.
To domestic city gas operators, especially in the north-eastern region, the deal soothes the concerns about gas supplies over the medium term. In Fitch's view, the agreement is positive for city gas operators such as China Resources Gas (BBB+/Stable), ENN Energy (BBB/Positive) and China Gas Holdings.
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Friday, 25 April 14
2ND MYANMAR ELECTRIC POWER CONVENTION 2014 IS THE GATEWAY TO MYANMAR POWER INDUSTRY!
Press Release: 2nd Myanmar Electric Power Convention (MEPC) 2014 is scheduled on 21-23 October, 2014 at Traders Hotel in Yangon, Myanmar. MEPC o ...
Friday, 25 April 14
DRY BULK MARKET LOOKING FOR NEW TRACTION - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market seems to have gained its footing after the past few dissapointing weeks, during which the Baltic Dry Index (BDI) shedded mos ...
Thursday, 24 April 14
HANDY : A FLOW OF FRESH REQUIREMENTS LIFTING THE PACIFIC SLOWLY TO US$ 10-11 K BSS SINGAPORE FOR COAL ROUNDS
Handy
There is still no place to hide in the Atlantic for the smaller but flexible sizes. Slow and weak seems to be the headlines, although th ...
Wednesday, 23 April 14
EUROPE WOULD BE HARD PRESSED TO REPLACE RUSSIAN GAS, FITCH RATINGS SAYS
A ban on Russian gas imports to the EU would cause substantial disruption to Europe's economy and industry, Fitch Ratings says. In the immed ...
Wednesday, 23 April 14
KOMIPO INVITES BIDS FOR LOW VOLATILE BITUMINOUS COAL
COALspot.com : Korea Midland Power Co., Ltd. has invited bids through International open bidding for 90,000 Metric Tons (MT) of low volatile bit ...
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- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Transport, Egypt
- White Energy Company Limited
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Parliament of New Zealand
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
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